Background on the Upendo block party:
I first saw the idea of a block party on bitcointalk [below]
Willi on bitcointalk organized the party, a bunch of folks sent him bitcoin, and he rented a bunch of hashrate and they all solo mined together - they found several blocks back in the day.
@Rigly was built to sell hashrate at auction - and so, I figured, let's try a block party auction.
What happened next was interesting
- To start, bids were low (way under the cost of hashrate)
- As hashrate went up, so did the bids
Once the party was mining, bids to join were 3x over the cost of hashrate - totally nuts.
Thus the idea of bonus hashrate...
Putting on my Systems Thinking Hat, I saw there was a feedback loop between bidders and block party size...the more bidders, the more hashrate, which attracted more bidders.
And so, to amplify the feedback loop, the bid amount *over* the cost of hashrate pays for "bonus" hashrate - extra hashrate that increases the odds for the whole party.
The idea is to leverage the FOMO Energy of block party'ers to biggify the party.
This bonus hashrate feedback loop has played out in every block party since then.
It's like a flywheel.
Or maybe a plebwheel?
The block party is a way to grab some hashrate (otherwise pointed to centralized pools) and solo mine with it, as a group.
Next up is to figure out a feedback loop to incentivize people telling friends (and their friends, and their friends) about Upendo 📈
And then we may finally get enough hash to mine a block..
Happy Friday, thanks for reading.
- Background:
Bitcoin Mining Lotto / Blockparty 2024
Bitcoin Mining Lotto / Blockparty 2024
- Upendo:
https://upendo.rigly.io
